bioAffinity Technologies closes $4M private placement via pre-funded warrants

bioAffinity Technologies, Inc. (Nasdaq: BIAF, BIAFW), a biotechnology company focused on noninvasive diagnostics and early cancer detection, has closed a private placement priced at-the-market under Nasdaq rules, raising approximately $4.0 million in gross proceeds before placement agent fees and other offering expenses.

The offering involved the sale of pre-funded warrants to purchase an aggregate of 8,462,027 shares of common stock. The combined effective offering price for each pre-funded warrant and two accompanying warrants is $0.4657. The pre-funded warrants carry an exercise price of $0.007 per share, while the accompanying warrants have an initial exercise price of $0.4727 per share.

The accompanying warrants are exercisable following stockholder approval and will expire five years from the date of issuance.

WallachBeth Capital LLC served as the sole placement agent for the transaction. The securities were offered under Section 4(a)(2) of the Securities Act of 1933 and/or Regulation D and have not been registered under federal or state securities laws. The company has agreed to provide customary registration rights for the shares of common stock underlying the warrants.

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